China’s state TV channel warned people against participating in blockchain-based online games for money like Farmers World. This is the latest sign that the nation of billions of people is not in favor of anything related to digital currency.

In the 2 latest reports on games that encourage players to participate in making electronic money, CCTV all said these are scams. Previously, Beijing banned cryptocurrency trading and mining in the country, considering cryptocurrencies to be a threat to national financial stability.

CCTV’s reportage is made in Shaanxi and Fujian provinces, through 2 intermediaries people participate in money-making games. The two say they can provide a service to help users access a game called Farmers World, which allows players to make a monthly profit of more than 10,000 yuan ($1,570). CCTV confirmed that the above offers are scams.

you are watching: Chinese TV warns against fraudulent blockchain games

Monetization games became the hottest technology trend this year, when many blockchain game developers realized that in a short time they could earn billions of dollars. However, such games are increasingly under scrutiny due to their popularity.

CCTV alleges that some games are simply low-budget web-based games aimed at defrauding people. The TV channel quoted experts as saying that some games allow old players to make a profit because new players simply have to pay a fee to join.

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In one report, CCTV reporter visited a company called Renren Liang Metaverse Research Center in Fujian province, where the company’s director said Farmers World players can make 100% profit in just 22-40 years. days after purchasing an in-game item that costs tens of thousands of dollars.

However, during the game, the user has to pay a service fee of 6,000 yuan and allows the company to receive 20% of the profits earned.

Farmers World is basically a simulation game in which players choose tools to exploit resources, buy land to build farms and trade items through a virtual farming ecosystem.

In another report, the reporter went to the software technology company Shaanxi Juxin, where the representative also offered a 100% profit within 1 month to Farmers World participants and offered to collect 20% of the profit of Farmers World. player.

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Farmers World has a website and presence on many social media platforms, but until now it is not clear who the developer of this game is. Morning Hoa Nam newspaper also contacted but did not receive a response.

Money-making games are very popular. Ax Infinity, a 3-year-old game from Vietnam, was valued at $3 billion in the latest funding round last month. Hong Kong-based Animoca Brands also became a unicorn in May with a series of money-making games, including The Sandbox.

This game business model attracts the attention of blockchain enthusiasts as the game items are all non-fungible tokens (NFTs) and transactions are confirmed via blockchain to ensure authenticity of digital assets.

Unlike traditional games where the items are data stored on the publisher’s server, NFTs are saved on a decentralized network without the publisher’s intervention, making them the real property of the publisher. player.

Last week, the People’s Daily, the mouthpiece of the Communist Party of China, also had an article warning about the sale of virtual land in the form of NFT in money games, saying that the above activities will come with risk of price fluctuations, fraud, illegal collection of funds and money laundering.

According to ICTnews

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Category: Game

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